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S. Korea's foreign reserves hit record high in March
SEOUL, April 3 (Yonhap) -- South Korea's foreign exchange reserves soared to a fresh high in March as the strength of the euro and other currencies boosted the conversion value of those assets, the central bank said Tuesday.

   The country's foreign reserves reached a record high of US$315.95 billion at the end of last month, up $150 million from February, according to the Bank of Korea (BOK).

   The previous record was $315.8 billion set in February this year. Asia's fourth-largest economy saw its foreign reserves surpass the $300 billion mark for the first time in April 2011 amid sustained inflows of foreign capital and robust exports.

   "(The rise) results from an increase in the conversion value of the euro and other currencies as well as profit from foreign-currency assets," the BOK said in a statement.

   Foreign reserves consist of securities and deposits denominated in overseas currencies, along with the International Monetary Fund reserve positions, special drawing rights and gold bullion.

  (END)
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